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Companies Act, 1973 (Act No. 61 of 1973)

Companies Administrative Regulations, 1973

25A. Alteration of Share Capital, Acquisition by Companies of Own Shares and Payments to Shareholders (Section 75, 85, 87 and 90)

 

 

1) A special resolution altering a company's articles to authorise the company to pass further special resolutions to acquire shares issued by itself in terms of section 85 of the Act, or to make payments to its shareholders in terms of section 90 of the Act, shall be lodged on form CM26.

 

2) A special resolution by a company approving the acquisition of shares issued by itself, either as a general approval or a specific approval for a particular acquisition, prior to its next annual general meeting or any other general meeting, shall be lodged on Form CM26.

 

3) The notification to the Registrar of shares acquired by a company in terms of section 85 and 87(5) of the Act and any payment to shareholders in terms of section 90 of the Act, shall be done on Form CM14A.

 

4) Form CM14A shall be accompanied by a written statement signed b the directors of the company that in their opinion they are satisfied that the requirements of sections 85(4) and 90(2) of the Act, whichever provision is applicable, have been and will be met.